Humacyte said today that it raised $75 million in a Series C preferred stock financing, led by a group of existing private investors and new investors.
The Research Triangle Park, N.C.-based company expects to use its newly-acquired funds to support an on-going Phase III pivotal study evaluating its human acellular vessel, Humacyl, as a conduit for hemodialysis in patients with end-stage renal disease who cannot have fistula placement.
Humacyte finished enrolling participants in the 350-patient trial last September and anticipates 12-month post-implantation data to be available in the third quarter of 2018.
The company also plans to use the funds to finish developing and testing the proprietary bioprocessing system planned to manufacture Humacyl.
The FDA granted Humacyl regenerative medicine advanced therapy designation in March last year, helping to speed the development and review of the device.
“The enthusiastic response from new and existing investors is a reflection of the remarkable opportunity Humacyte has to revolutionize vascular medicine, through our groundbreaking biomedical engineering platform,” chairman & CEO Carrie Cox said in prepared remarks. “Completing the final stage of clinical testing for our first product candidate later this year will be a significant achievement for our organization and the overall regenerative medicine industry.”